Why oil prices could spike in February

Oil prices have fallen for the second consecutive week, but a major bullish catalyst may be looming in early February.

Oil prices have fallen for the second consecutive week, but a major bullish catalyst may be looming in early February.

Oil prices are set to finish this week some $2 per barrel lower than a week ago as the January ICE Brent futures contract expires just below $77 per barrel. However, the second straight weekly decline could be cut short very quickly if Donald Trump’s February 1 deadline for Canada and Mexico leads to the US slapping punitive 25% sanctions. If the threat does become a reality, the oil bulls will not stop until Brent is back above $80 per barrel.

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Source: Oil Price

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